Special Re-Post on How I Got Started

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I want to re-share a post I wrote in November of 2009 with details about how I got started in the domain investment business. There are two reasons why I want to share this article with you again.

The first reason is that it’s a question I am frequently asked, and I often send people to this post when they do ask. Secondly (and quite sadly), the person who I credit with pushing me to start my own business was diagnosed with  Creutzfeldt–Jakob disease, an incurable and fatal disease.

My parents are visiting with him in California this week, and I want to give a special thanks again to him. If it wasn’t for his advice, I would probably still be a Marketing Manager in corporate America.

How I Became a Domain Investor

I feel like I’ve probably told the story a bunch of times (which I am sure I have), but since a number of people have asked me recently, I want to share the story of how I became a domain investor.

When I was a NYU in 2002-03, I went to help a family friend clean the movie ride curtains at the Empire State Building since I lived less than a block away. For two days, we talked about how expensive the City was – especially for a grad student. My Dad’s friend recommended that I find some sort of product to sell and that I should sell it easily on Ebay. I looked around for a number of things – custom pencils (no margin), art (did some buying and selling) and finally I saw people selling domain names.

I would see names selling for a few hundred dollars, and when I went to Network Solutions, I saw that similar names were available for just $35.00. I bought my first name, and for the life of me I can’t remember what it was. I think it was a legal name with a hyphen. I remember I sold it after two auctions and broke even. Shortly thereafter… Read More

8 COMMENTS

  1. Good read Elliot as I was one of the many that asked this recently

    Inspiring to read how you flipped and now have a min portfolio of value of around a million bucks probably. Awesome!

    What would be a good post Elliot is what would you do if you were to enter the market in 2011 and say with a limited amount of 2k. What would you do today.

  2. @ Elliot

    I agree with Domainer on

    What would be a good post Elliot is what would you do if you were to enter the market in 2011 and say with a limited amount of 2k. What would you do today.

    Any chance of this kind of post?

    thanks

    • @ Jack

      The answer is pretty easy for me. I would buy one good .com domain name that I think is worth more than $2k and look to sell it. I would have a back up development plan in mind if I didn’t find a buyer, but I would do as much research as I could to know that the name is worth more than $2k. I would likely ask trusted people for their opinions on the value if I didn’t know for certain it was worth more than $2k.

      IMO, too many people look at domain names like lottery tickets, and as such, they think they need to buy a whole bunch of low value names so that they can maybe sell one. I think that’s a good way to 1) register a lot of garbage and 2) Tie up $2k in names that will be tough to sell.

      Buy one very good name and focus on finding a buyer for it.

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